The CBI has arrested Nirmal Singh, chairman of the Pearls in what is believed to be a staggering Rs 45,000 Crore investment scam.
The CBI arrested chairman-cum-managing director of Pearls Agrotech Corporation Limited (PACL) and Pearls Golden Forest Limited (PGF) Nirmal Singh Bhangoo along with three other top officials in connection with Rs 45,000-crore ponzi scam case in which close to 5.5 crore investors were defrauded by the investment scam as they were lured with the promise of huge returns on their investments.
Financial scams are known to be run around the world, whether it be in banking or hedge funds, and to some level the ruling Govts are aware and even involved in the scams and cover up any investigations, which leave only the investors (common person) out of pocket.
Video: India TV